Sifu has the funds
Sifu’s Vision will receive a $25 million investment from Wonderland. Following a week of deliberation, the Wonderland community voted today to purchase $25 million in SIFU tokens.
The purchase was justified by the proposal as an opportunity for the community to use “a [small] portion of the treasury” to keep receiving the benefits of Sifu’s “management and communications” skills.
The proposal to invest in Sifu’s Vision, submitted by 0xSifu himself, was approved with 321,000 TIME tokens in favor (89.27 %) and 39,000 TIME tokens opposed (39.27 %) (10.37 percent).
However, a look at the votes reveals that 0xSifu was the second most active voter, contributing 51,000 TIME tokens to the vote via his official account. This would have been sufficient to ensure the proposal’s passage.
Throughout the week, the TIME token fluctuated between $33 and $25. As a result, Sifu only had to pay a maximum of $1,683,000 to secure $25 million.
Wonderland is a fork of the Olympus DAO created on the Avalanche blockchain. The project, led by Daniele Sestagalli, took a hit in January when it was revealed that 0xSifu, the community member in charge of the treasury, was actually convicted fraudster Michael Patryn.
Patryn is a co-founder of the crypto exchange QuadrigaCX, which abruptly shut down after Patryn’s former partner Gerald Cotten disappeared with over $169 million in investor funds.
Patryn has continued to participate in the Wonderland community and the broader crypto space as 0xSifu even after his identity was revealed. Patryn’s latest cryptocurrency venture is Sifu’s Vision; according to the official website, the SIFU token’s only utility is to make money.
To read our blog on “ETH Whales Purchase $17 Million in SAND Tokens; Here’s Why,” click here
